Qualcomm Appoints Steve Mollenkopf to CEO
Qualcomm Friday announced that its board has unanimously voted to promote Steve Mollenkopf to CEO-elect, with his instatement effective March 4, 2014.
Mollenkopf will relieve long-time CEO Dr. Paul Jacobs of his duties. Jacobs will remain a Qualcomm employee and executive chairman of the company's board.
The news comes just one day after Bloomberg reported Mollenkopf had been added to a list of possible successors to Microsoft CEO Steve Ballmer.
Mollenkopf is a 20-year veteran at Qualcomm and has held a variety of leadership positions, including leading the company's chipset business (QCT). Under Mollenkopf, QCT completed the $3.1 billion acquisition of Atheros. Most recently he served as Qualcomm's president and chief operating officer and as a member of the executive committee.
According to data compiled by Bloomberg, Mollenkopf's total compensation came to $14.2 million last year.
For its fiscal fourth quarter, Qualcomm reported an 18 percent increase in net income to $1.5 billion, which was fueled largely by a boost in chip shipments.
Shares of the company were up slightly to $73.28 in pre-market trading Friday.